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Friday, 15 March 2013

What is 'Islamic finance'?

This week, the government launched a campaign promoting London as a centre for Islamic finance.

The aim is to counter growing competition in this industry from rising centres such as Dubai and Kuala Lumpur.

Hamid Yunis - head of the Global Islamic Finance Group at international law firm Taylor Wessing - told the Today programme: "Islamic finance is generally business dealings in accordance with Islamic principles.

"I think a good comparison is to those in the market who are playing in the ethical banking field."

"There are a number of principles, the most commonly known being no interest on business dealings - so money is invested, and interest is not charged."

"Also, the investments are designed not against speculation, against gambling - in line with the prohibition against gambling.

"And essentially, you know the asset you're going to be investing into, and the transaction you're going to be investing into."

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